Yes, that this the logical conclusion. Old Fart's ancestors had done meritorious deeds and Old Fart is enjoying the fruits now.
HOWEVER Old Fart "consumed" them all up by committing evil deeds. That is why we are beginning to see tangible and physical manifestations of the consequences of his evil deeds in Pinky, his first daughter-in-law who took her own life, his eldest grandson who is albino, etc....
You don't have to believe in this "bible thingy". Many orthodox, mainstream religions such as Buddhism, Hinduism and Islam warn that evil doers will be punished in the next life.
